http://www.elitetrader.com/vb/showthread.php?s=&threadid=43388&perpage=6&pagenumber=1 Just became aware of it and subscribed.
Opening Orders Reid, Give me a PM, as I have traded Opening Orders for the last 3 years. I trade the Opening Order method with Lescor (Corey) via IM, as we are practically trading partners, and great friends. I should be able to point you in the right direction. Corey and I sat next to each other in the Phoenix ECHO office in 2000. Let me tell you, Corey kicks my butt at the method as he is an excellent trader. Yes, it has a positive expectancy! PatrickQ
I do not trade opening orders. What I have posted on this thread is exactly as I trade stocks. Thank's for the offer, though.
Thanks for all the information in this thread and it helped me have a good week (+$2500). I especially did well on the initial strong gap downs in the first 1/2 hour of the open, as well as the aftermarket trading on earnings news. This next week should have a strong snapback day sometime and I think it will up end positive next week. Earnings slows down a bit for the stocks I follow, so hopefully other news items will create good volatility.
That's more than what I made. I only traded one day this week, in the Tuesday rally. Not that there was'nt opportunity to do more. There were volume breakouts that took off and did'nt look back. Your success, and all success is good to hear.
Reid, did you only trade 1 day because your were busy with other things or that your parameters weren't reached to execute a trade? When I first began to trade I executed too many trades not following the system I have used to have success. The times I have been most successful is when I follow the system I have used for higher probability of success. But sometimes I still lapse into my old bad habits, and I enjoy learning and being humbled by the market. Just when you think you are doing pretty good, the market comes back to bite. It's all part of the excitement. Now if I can just be more disciplined to let profits run more and cut losses sooner, I could hopefully try this full time someday.
Parameters were reached for trading some of the volume breakouts like CVC and DISH, and they did rally , even though the broader market and the mood after Tuesday did not support going long. Therefore I stayed out. I'll probably trade the volume breakouts eventually, even when the market is not fully supportive, going strictly with the increased buyer interest that accompanies volume breakouts. Many traders trade only the big rally days, placing multiple trades at 10k, 20k and more shares per trade, then wait several days for the next big rally to do it again. It's high probability trading. I do not yet trade 10k and 20k shares per trade, but my two trades on Tuesday were good because the market action fully supported long trades. It's much better to go long when big buying is happening, even though big buying might occur only once or twice per week. That's the one approach to daytrading that comes closest to guaranteeing 100% profitable trading days.
sobemark - what order entry broker/software do you use, and what charting/quote package? Finally, what is your pre-market routine and how do you scan for trade candidates?
i use realtick software with RML trading ... i seem to be a rare fan of realtick but i would highly recommend the software, for it includes tremendous charting and scanning capabilities.. and a great execution system.. as for pre-market.. personally i like to watch pre-market carefully and make my plan accordingly ...
This has been one of the best threads on this board and to keep it real it's better to not make claims to profitable trades, profitable days and profitable weeks, when it is not possible to verify those claims. It's always after the fact that these trades are posted. I have no way to seperate the fact from the fiction. It's better to review what certain stocks did and talk about the trading strategy and the rationale for why the stock presented a good trading oppertunity. Tell where the entry and exit points are and why you chose those entry and exit points, etc. Your depth of knowledge will show.